The sector is facing a 'lot of risk' from falling occupancy rates and the loss of refundable deposits that are paid by some residents | juliepower
The residential aged care sector is sitting on a $30 billion house of cards confronting a great deal of risk that could potentially result in a cash flow crisis.
Average refundable accommodation deposits - paid by incoming residents - were $427,023 in the nine months to March. That was an increase of $27,567 on the nine months to March 2019. "With right economic conditions, the right changes socially, the right changes to perception, there is a house of cards, a $30 billion house of cards that we are sitting on," Mr Mersiades said.
Commonwealth health secretary Dr Brendan Murphy confirmed on Friday there had been for some particular small number of facilities, "a significant outflow", which the department was watching "very closely". It was also monitoring the financial viability of providers in Victoria.
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